Nasdaq Ownership

Who are the major shareholders and have insiders been buying or selling?

Recent Insider Transactions

NasdaqGS:NDAQ Recent Insider Transactions by Companies or Individuals
Date	Value	Name	Entity	Shares	Max Price
04 Aug 25	SellUS$289,800	Charlene Begley	Individual	3,000	US$96.60
25 Jul 25	SellUS$812,174	Michelle Daly	Individual	8,691	US$93.45
06 Jun 25	SellUS$340,880	P. C. Griggs	Individual	4,000	US$85.22
27 May 25	SellUS$664,240	P. C. Griggs	Individual	8,000	US$83.27
07 May 25	SellUS$1,350,007,000	Thoma Bravo, L.P.	Company	17,330,000	US$77.90
06 Feb 25	SellUS$749,981	Tal Cohen	Individual	8,955	US$83.75

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of NDAQ?
Owner Type	Number of Shares	Ownership Percentage
Private Companies	124,721	0.0218%
State or Government	436,826	0.0765%
Individual Insiders	3,466,981	0.607%
General Public	22,283,370	3.9%
VC/PE Firms	58,182,426	10.2%
Institutions	486,501,109	85.2%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 68.07% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
10.5%	The Vanguard Group, Inc.	59,916,887	US$5.8b	0.45%	0.07%
10.2%	Borse Dubai Limited	58,341,545	US$5.7b	0%	65.96%
10.2%	Investor AB (publ)	58,182,426	US$5.6b	0%	7.62%
7.03%	BlackRock, Inc.	40,164,874	US$3.9b	8.32%	0.05%
6.97%	Wellington Management Group LLP	39,802,892	US$3.9b	-3.48%	0.57%
4.84%	Massachusetts Financial Services Company	27,627,767	US$2.7b	4.77%	0.57%
3.44%	State Street Global Advisors, Inc.	19,619,192	US$1.9b	7.71%	0.06%
2.18%	Geode Capital Management, LLC	12,473,317	US$1.2b	8.87%	0.06%
1.38%	Franklin Resources, Inc.	7,859,475	US$761.5m	-2.25%	0.22%
1.03%	Harris Associates L.P.	5,905,409	US$572.2m	-24%	0.65%
0.99%	Columbia Management Investment Advisers, LLC	5,660,331	US$548.4m	-4.04%	0.11%
0.95%	Goldman Sachs Asset Management, L.P.	5,431,672	US$526.3m	14.2%	0.1%
0.89%	Manulife Asset Management	5,068,276	US$491.1m	-17%	0.32%
0.89%	Managed Account Advisors LLC	5,053,973	US$489.7m	-3.54%	0.07%
0.8%	Norges Bank Investment Management	4,549,575	US$440.8m	0%	0.03%
0.74%	UBS Asset Management AG	4,216,413	US$408.5m	-45.2%	0.05%
0.74%	Northern Trust Global Investments	4,198,608	US$406.8m	2.85%	0.05%
0.63%	Farallon Capital Management, L.L.C.	3,623,043	US$351.0m	-11.3%	1.83%
0.56%	Teachers Insurance and Annuity Association-College Retirement Equities Fund	3,211,466	US$311.2m	3.92%	0.06%
0.55%	Amundi Asset Management SAS	3,155,405	US$305.7m	-10.8%	0.05%
0.55%	Morgan Stanley	3,129,777	US$303.2m	7.74%	0.03%
0.52%	Select Equity Group, L.P.	2,970,652	US$287.8m	141%	1.13%
0.51%	Bessemer Investment Management LLC	2,927,331	US$283.6m	-9.47%	0.35%
0.49%	Legal & General Investment Management Limited	2,809,452	US$272.2m	3.15%	0.05%
0.49%	Mariner, LLC	2,804,678	US$271.7m	5.2%	0.37%

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/02/02 10:39
End of Day Share Price	2026/02/02 00:00
Earnings	2025/12/31
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Nasdaq, Inc. is covered by 33 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Kevin Heal	Argus Research Company
Benjamin Budish	Barclays
Roger Freeman	Barclays